GBA 3 PRACTICE EXAM QUESTIONS AND ANSWERS 2026

GBA 3 PRACTICE EXAM

A model for an ethical workplace wellness program contains a
number of core promises or guarantees to participants. All the
following are included among these core promises EXCEPT: -
ANSWERS-The program should guarantee that only board-certified
doctors who are well-versed in scientific research on weight loss,
nutrition or smoking cessation will oversee these programs.


All the following are advantages to a plan administrator of having a
venue selection clause that specifies where lawsuits may be brought
and a clause that provides that a plaintiff may sue the plan only in the
district where the plan is administered EXCEPT: - ANSWERS-The
standard of judicial review will be the de novo standard, where the
judge will examine the issues without deference to prior
determinations.


All the following are benefit plans typically subject to the Employee
Retirement Income Security Act EXCEPT: - ANSWERS-Unfunded
excess benefit plans


All the following are characteristics or features of health savings
accounts (HSAs) EXCEPT: - ANSWERS-Contributions can be made
to HSAs even after the individual enrolls in Medicare.


All the following are common organizational structures that
multinational companies use for international assignments EXCEPT: -

,ANSWERS-Self-employed—The employee becomes self-employed
for the duration of the assignment.


All the following are cyber threats to Employee Retirement Income
Security Act plans that have been cited by various sources EXCEPT: -
ANSWERS-Wire transfer e-mail fraud, where cybercriminals pretend
to be federal regulators assessing hefty penalties on plans and ask
fiduciaries to wire transfer fines


All the following have been designated as very important reporting
and disclosure documents required by the Employee Retirement
Income Security Act for health and welfare employee benefit plans
EXCEPT: - ANSWERS-A Summary of Financial Assumptions


All the following statements concerning the Internal Revenue Service
(IRS) and internal controls of employee benefit plans are correct
EXCEPT: - ANSWERS-The IRS has made it clear that auditors
reconcile financial statements, and it is not the responsibility of
auditors to be concerned with internal controls.


All the following statements of contracting issues between plan
fiduciaries and plan service providers related to privacy and data
security are correct EXCEPT: - ANSWERS-The plan fiduciary should
be required to reimburse the service provider for expenses, costs and
the like associated with any data breach.


All the following statements regarding an investment policy statement
(IPS) for an Employee Retirement Income Security Act (ERISA) plan
that contains innovative investments are correct EXCEPT: -

, ANSWERS-An IPS is expressly required under ERISA for plans that
contain innovative investments


All the following statements regarding wellness programs and their
data collection process are correct EXCEPT: - ANSWERS-The data
has been mostly collected with the informed consent of the worker.


All the following statements regarding Employee Retirement Income
Security Act (ERISA) plan investments are correct EXCEPT: -
ANSWERS-Mutual funds are subject to direct regulation by ERISA.


All the following statements regarding fraud associated with
employee benefit plans are correct EXCEPT: - ANSWERS-Studies
have shown that internal controls are by far the most common method
of detecting fraud.


All the following statements regarding Social Security benefits and
quarters of credit are correct EXCEPT: - ANSWERS-Survivor
benefits are only available if the deceased had attained a fully insured
status.


All the following statements regarding Summary Annual Reports
(SARs) are correct EXCEPT: - ANSWERS-An SAR must be filed
with the Department of Labor.


All the following statements regarding the benefits in Medicare Part A
are correct EXCEPT: - ANSWERS-Deductibles apply to benefits, but
there are no copayment requirements.